HSBC’s Steel sees gold drop below $1,100 as temporary

20-Jul (Bloomberg) — HSBC Securities’ (USA) James Steel discusses the price of gold. He speaks on “Bloomberg Surveillance.”

Steel cites a combination of dollar strength and the fact that geopolitical risks in the world have not been severe enough to push the market as the reasons for gold’s drop.

“We’re still looking for the market to recover back over, and stay over, 1100 and any dip below there to be relatively temporary,” said Steel

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